This Week at the City Bar
Around the Bar
Recent Committee Activity
2011 Legislative Wrap Up
City Bar in the News
Small Law Firm Month at the City Bar

This Week at the City Bar
11 AM – 2 PM, CLE
Futures & Derivatives: Recent Dodd-Frank Provisions, Rules & Developments

6 PM – 9 PM, CLE

Estate Planning Primer (Video Replay)

6:30 PM – 8:30 PM, Event
Careers in Fashion Law: A Program for Law Students and Recent Law Graduates

6 PM – 8:30 PM, CLE
Ethics for the Matrimonial Lawyer: What Every Practitioner Needs to Know

6:30 PM – 8 PM, Event

Rescheduled for February 28th:
Attorney General Eric Schneiderman on ¡§Restoring Confidence in the Public and Private Sectors¡¨

3 PM – 9:30 PM, Event
Regional Rounds of the 62nd Annual National Moot Court Competition (Day 1 of 2)

6 PM – 9 PM, CLE

Crossing State Borders in Trust and Estate Law: What The New York Practitioner Needs To Know About Florida, New Jersey, Delaware and Connecticut

9 AM 4:30 PM, CLE
Real World Document Drafting®: Form, Style & Substance

5 PM 9:30 PM, Event

Regional Rounds of the 62nd Annual National Moot Court Competition (Day 2 of 2)

6 PM 8:30 PM, CLE

How Changes In The Federal Sentencing Guidelines Impact White Collar Fraud Cases

8:30 AM 9:30 AM, CLE
Navigating A Corporate Crisis

Around the Bar
9/11 Victim Compensation Fund Clinic

The first legal clinic for the reopened September 11th Victim Compensation Fund was held on November 7th at the New York City Bar. From left: Scott Kohanowski, Staff Attorney, City Bar Justice Center; Sheila L. Birnbaum, Special Master, 9/11 Victim Compensation Fund; Lynn M. Kelly, Executive Director, City Bar Justice Center; Carol Bockner, Director of Pro Bono Services, City Bar Justice Center; Heidi Levine, City Bar Justice Center Board Member

Recent Committee Activity
Asset-Backed Issuers
The Committee on Investment Management Regulation sent comments to the SEC on a proposed amendment to Rule 3a-7 under the Investment Company Act of 1940. The proposed amendments would provide that (i) Rule 3a-7 Issuers should be considered investment companies for the limited purpose of the definition of “investment securities” in Section 3(a)(2)(C)(i) of the Investment Company Act or (ii) Rule 3a-7 be recast to provide that a Rule 3a-7 Issuer would be an investment company but would be exempted from the requirements of the Investment Company Act. The Committee expressed concern that including Rule 3a-7 Issuers within the definition of “investment company” under the Investment Company Act, particularly by means of alternative (ii) above, would pose significant and unwarranted problems for registered investment companies under Section 12(d) of the Investment Company Act.

Audited Financial Statements
In a joint letter to the Public Company Accounting Oversight Board, the Committees on Financial Reporting and Securities Regulation noted that although some modifications in audit reports may be desirable, the Board should proceed cautiously when making modifications in audit reports. The Committees urged that the Board among other things should: 1) not pursue the idea of an Auditor’s Discussion and Analysis; 2) not mandate emphasis paragraphs without providing clear standards for auditors to follow; 3) not pursue the idea of requiring auditor assurance covering information outside the financial statements; and 4) clarify the standard report.

Private Placement of Securities
In response to a proposal by the Financial Industry Regulatory Authority (FINRA) to adopt new Rule 5123, which concerns the private placement of securities, the Committee on Securities Regulation wrote a letter to the SEC noting that while the Proposed Rule represents an improvement over an earlier proposal, FINRA should adopt modifications to and clarify certain aspects of the Proposed Rule to more closely reflect FINRA’s goals without imposing unnecessary burdens on capital formation.

2011 Legislative Wrap Up
While bills are still being delivered to the Governor’s office for his action, the 2011 New York State legislative term has already produced positive results for the City Bar committees who contributed to our advocacy efforts this year. The Marriage Equality Act – supported by 20 committees – will extend the right to marry to same-sex couples in New York. The Public Integrity Reform Act of 2011 – supported by the Government Ethics, State Affairs and Professional Responsibility Committees – will bring much needed reform to our state government.

Read more here.

City Bar in the News
New York Law Journal, November 7, 2011
Inadvertent Disclosure - Regrettable Confusion
In a more nuanced opinion, the New York City Bar…Committee on Professional and Judicial Ethics issued Formal Opinion 2003-4, in which it concluded that “a lawyer receiving a misdirected communication containing confidences or secrets (1) has obligations to promptly notify the sending attorney, to refrain from review of the communication, and to return or destroy the communication if so requested, but, (2) in limited circumstances, may submit the communication for in camera review by a tribunal, and (3) is not ethically barred from using information gleaned prior to knowing or having reason to know that the communication contains confidences or secrets not intended for the receiving lawyer. However, it is essential as an ethical matter that the receiving attorney promptly notify the sending attorney of the disclosure in order to give the sending attorney a reasonable opportunity to promptly take whatever steps he or she feels are necessary.”

Thomson Reuters, November 8, 2011

U.S. Attorney in Brooklyn Taps New Criminal Chief
The prosecutor who led the case against five men accused of conspiring to blow up New York¡¦s John F. Kennedy Airport was appointed Monday to chief prosecutor in the criminal division of the U.S. Attorney¡¦s Office for the Eastern District of New York. Marshall Miller, who has served as deputy chief of the criminal division.¡Khas received a number of awards for his work as a federal prosecutor, including¡Kthe New York City Bar Association¡¦s Henry L. Stimson Medal for outstanding assistant U.S. attorneys in the Eastern and Southern Districts of New York.

Small Law Firm Month at the City Bar

On November 10th, the New York City Bar celebrated Small Law Firm Month with the 8th Annual Law Practice Management Symposium, for startups and small law firms. The event was a success with over 200 attendees and a full day of programming for the small firm practitioner. Thank you to Zurich in North America for sponsoring breakfast and to the following exhibitors for their participation:

Accurate Building Inspectors; ARL Abstract; Asahi Technologies; CLIO; Chrometa; Effective Solutions Plus, Inc; JP&R Advertising Agency; Hudson Valley Bank; LawPay; Law Firm Suites; LexisNexis; LLC Publishing Corp.; MarketingPartners; Marsh; Scribecorp; Tabs3/PracticeMaster; Thomson Findlaw; TitleVest ; US Small Business Administration; Vcorp Services; Vicus Partners LLC; Your Wall Street Office, Inc.; Zurich North America

Also, as part of Small Law Firm Month, take advantage of these special discounts:

LawPay – In addition to saving 20-25% off standard fees, sign up for LawPay Credit Card Processing during the month of November and receive $150 off a credit card terminal or a free virtual terminal. In addition, if you open a LawPay Merchant Account by November 30, 2011, they will waive your statement fee for 3 months.
Marsh – During the month of November, sign up for a free one-on-one Professional Liability Consultation with a Marsh representative.
New York Law Journal – Year round, City Bar members can subscribe to the New York Law Journal for the City Bar member rate of $298 and receive 6 additional weeks to the standard 1 year term (offer for new subscribers only). For the month of November, new subscribers can also take advantage of discounted group or site license rates for those companies who wish to share the paper in the firm, while providing Total Access to to all employees.

Visit for more information.

And don’t miss the November 29th Small Law Firm Luncheon, Can I get more business through Marketing, Public Relations or Advertising?

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